Developers invest P1B for new condo tower

·3 min read

HOMEGROWN real estate developer Landtraders World Properties Corp. is setting aside P1 billion for the construction of the two-tower Grand San Marino Residences, the firm’s sixth vertical project in Cebu.

Located along Jose L. Briones St., Cebu City, this two-tower 33-story high condo will have 905 residential units and 113 parking slots.

It will have studio and one-bedroom units priced from P2.5 million to P3 million.

“For us today, the word ‘groundbreaking’ stands far more than the literal breaking of ground. It stands for groundbreaking of our much-awaited Grand San Marino Residences, which requires conscientious and precise planning — a synergy between architectural design and technology to deliver convenient, affordable and luxurious residential condominium living,” said Michelle Yu, chief executive officer of Landtraders World Properties, during the groundbreaking ceremony on Thursday, Nov 18, 2021.

“This condominium is truly a dream come true for homeowners. It is strategically located that stands close to everything in the city—just a few meters away from the malls, hospitals, restaurants, ports, schools and offices,” she added.

Believing that convenience is a modern luxury, Yu announced they are promoting the infusion of smart technology into this project.

“I am proud to say that we are in the phase of finalizing our plans to offer smart home living technology that provides greater convenience with voice-activated commands, ensures environmental sustainability, reliable security, data efficiency, and most importantly it saves money and time,” she said.

With all these planned infusions to the project, Janby Earl Yu, president of JJY Holdings Venture Corp., assured buyers of affordability of their projects.

“It is my belief that affordability should not affect the quality of service and product a buying ‘Juan’ can receive. That even though our projects are affordable, it is still our goal to provide you with exceptional experience by creating residential units that are luxurious and partnered with technology. That this is not merely an illusion, but a fact that we aim to provide these high-end features to economic and mid-range condominiums,” said Yu.

Grand San Marino Residences is slated for completion in three to four years’ time.

P7B in 5 years

Christian Ayade, the firm’s senior finance executive, in an interview, said the company is earmarking P7 billion to finance three vertical projects within the five-year time frame. This already includes Grand San Marino Residences.

The other two projects are Mikko Towers, a 1,000-unit condo tower, and Corinthian Valley, whose construction will be resumed next year.

Ayade said the firm remains optimistic in the years ahead not only because of the anticipated economic rebound from the pandemic but also because of the still high demand for living spaces in Cebu.

“Demand remains higher than the supply, which we see will fuel the growth in the vertical space,” said Ayade. He noted that they “never saw waning in residential sales amid the (Covid-19) pandemic.”

Since its entry into the residential real estate business in 2011, Landtraders World Properties has already turned over three buildings composed roughly of 600 to 700 units.

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